News of the World

88% of Russians have experienced record growth

The results of the study “Inflation expectations and consumer sentiment of the population”, conducted by the Central Bank in August show that 88% of Russians do not notice the effects of economic growth on its own welfare. Only 12% of the population reported that their financial situation over the past year has been better.

The growth of the economy at the same time, according to official statistics, reached a four-year high. In the second quarter, the Russian GDP increased by 2.5% – a record since 2013.

One in four respondents however complained that the financial situation of his family continues to deteriorate. More than half – 56% – have complained that changes for the better after a record collapse in living standards in 2015 no.

The Russians estimate the price increase is 3.5 times higher than Rosstat, at the level of 11.3%, the study showed the Central Bank. Two-thirds reported that prices are rising and their income is not. 40% of the population complain that the expensive housing and communal services, a third see a rise in prices for meat and fish, the same amount of milk.

Largely statistical leap is “the delayed effect of the increase in oil prices,” explain the experts of the Central Bank. The Russian economy, where oil depends 60% of foreign exchange revenues, react to market fluctuations with a lag of about six months, and oil prices over the past year has risen by almost half.

According to the Bank, the influx into Russia of foreign currency, vital to the import of consumer goods, food and equipment, increased by 25%. However, it seems that the dollar rain that poured over the raw materials corporations, to the population and real economy has not reached.

According to the forecast of the Ministry of economy, in the next three years, incomes will grow at an average rate of 1.3% per year, and to return to pre-crisis standard of living will require not less than 10 years, recalls in this regard Finanz.ru.

Rosstat U>reported 0.5 percent deflation in August, but there is this figure is only on paper, said the publication of the senior analyst “Alpari” Anna Bodrov. The fact that the state statistics service monitors traditionally narrow group of products, which is practically not taken into account by the consumer on the shelves, is a great packaging of the product without the brand.

An increasing tax burden, prices, tariffs, gasoline and other energy prices, said the analyst of “ALOR Broker” Sergei Korolev. The same – at the level of business despite the fact that formal taxes are not rising, fees are rising, said economist FK “URALSIB” Alexei Devyatov. As a result, the profitability of any activity, except mining and export, falls.